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Buyers still have opportunities amid rising home prices

People shopping for homes in Wisconsin have likely encountered rising prices and a tight inventory. These factors have influenced home markets nationwide, but overall home prices are lower than they were ten years ago after adjusting for inflation. Interest rates, despite six quarter-point increases by the Federal Reserve System, remain low when compared to historical rates.

As of June 2018, the average rate of interest charged on a 30-year mortgage equals 4.56 percent. Although this is higher than the low rates in 2016 when lenders financed 30-year mortgages at rates as low as 3.4 percent, current mortgage interest rates are still much lower than in previous periods. From 2003 to 2008, home buyers routinely accepted home loans at about 6 percent interest.

Economic growth remains promising, which could improve wages for people. If incomes rise for more people, more buyers will enter the market. This possibility means that people who want a place to live might do better to buy sooner rather than later because of the potential for prices to keep rising. Buyers of family homes today can still expect to see their properties appreciate in value for the long term.

Although many home sales represent routine transactions, problems could arise from any real estate deal. Title problems, construction defects or broker disputes could involve a person in real estate litigation. The advice of an attorney familiar with real estate might guide someone through the process of resolving a legal challenge. After analyzing the details of the case, an attorney may suggest strategies for protecting the person's interests and limiting liabilities. Negotiations led by an attorney with the opposing party might produce a solution privately. Alternatively, an attorney may be able to present the person's position in court and request a settlement that meets the client's goals.

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